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ICFR - FT Research Prize 2012 / 2013

The ICFR is presenting its fourth annual research prize competition, in conjunction with the Financial Times, with the theme: “International financial supervisory convergence: how much should there be? How best to assess the appropriate level of cross border supervision and enforcement?” 

After the financial crisis, the international financial regulatory architecture was given a revamp, and a plethora of reform initiatives were launched. The message from the G20 was clear: we would “turn the page on an era of irresponsibility” by adopting reforms to meet the needs of the “21st century global economy.” The G20 was to “transform the system for global financial regulation” and build a “stronger, more globally consistent” supervisory and regulatory framework. But five years on, we are still debating the virtues and pitfalls of harmonization, and discussing new reforms to institutional architectures internationally, nationally, and regionally, exemplified by recent and rapidly evolving developments regarding the structure of banking and banking supervision in the EU. These ongoing debates are taking place alongside several high-profile scandals which serve as reminders that cross-border jurisdictional issues remain to be resolved.

It is clear that we have not yet arrived at an ‘optimal’ or ‘ideal’ framework for regulation and supervision which balances the competing objectives of (1) the short-term need to ensure economic recovery (2) the longer-term need to ensure economic growth is sustainable (3) the desire to ensure global consistency in rules and their application (4) the need to recognize local economic idiosyncrasies and practices (5) the need for legitimacy and accountability. Not only is this balance difficult to achieve, but it also needs to be struck within an overarching framework for financial stability, without which progress on other aspects is rendered almost irrelevant. We should make no mistake: achieving such a balance is a difficult task, requiring coordination between a host of moving parts, between stakeholders whose interests are not always aligned and whose priorities operate across different time-horizons.

Achieving this trade-off is made more difficult by the fact that there is no consensus on what the right balance actually is. Without a common vision, practical steps to realize such aims will be impossible. Currently we have a patchwork of organisations dealing with complex network of rules, which has led to overlap, extraterritoriality, and games of ‘wait-and-see’ in which countries delay implementation until they can observe what others have done.

This year, the ICFR invites essay submissions which consider, what is the appropriate level for decisions to be made, and where should authority lie? How can we arrive at consensus on the issue, and what practical steps can we take to turn this into reality?
Deadline for responses: 12 November 2012

The Prize: The overall winner will be awarded US $7,500. The two runners up will also be receiving prizes of US $1,500.

Competition Rules  

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Entry Form 

To submit your entry please send your paper and a completed entry form ( click here to download) to [email protected]

In Partnership with:

Competition Rules  

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Press Release  

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Anouncement of the Prize in the Financial Times  

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